Despite speculation earlier this year that the Obama Administration would combine the Securities and Exchange Commission and the Commodity Futures Trading Commission in an effort to streamline financial regulation, experts speaking at the Financial Industry Regulatory Authority (FINRA) annual conference in Boston Thursday say it's not going to happen.
Investment News reports:
Panelists agreed that the federal government will likely create a systemic-risk regulator, but the merging of existing financial authorities is not probable.
One panelist, Columbia Law professor John Coffee, suggests the existing regulators will each be given some "systemic-risk authority." On the other hand, former SEC commissioner and current partner at Davis, Polk & Wardwell, Annette Nazareth, says the Federal Reserve will be granted all of the systemic risk authority, but the existing regulators will remain and "try to figure out whose job it is to do what."
Regardless how it happens, all panelists agree that "transparency is the name of the game."